Hull Street Energy announced it has signed an agreement to acquire FirstLight USA from the Public Sector Pension Investment Board. The transaction includes a portfolio of nearly 1,400 MW of clean energy generation assets in the Northeast, including the 1,168 MW Northfield Mountain pumped storage hydro facility in Massachusetts, which is the largest energy storage facility in New England.
The acquisition also includes 14 hydroelectric stations across Connecticut, Massachusetts, and Pennsylvania, along with three operational solar and battery facilities in the Northeast.
According to the companies, the acquisition strengthens Hull Street Energy’s position in the hydropower sector as demand for grid reliability and long-duration energy storage continues to increase in New England. Following the completion of both the FirstLight transaction and Hull Street Energy’s previously announced acquisition of 13 hydroelectric dams from Consumers Energy in Michigan, the firm is expected to manage approximately 1,200 MW of pumped storage hydro capacity and nearly 400 MW of hydroelectric generation capacity.
Hull Street Energy said the acquisition aligns with its strategy of investing in existing power infrastructure assets that support grid stability and decarbonization initiatives. The company noted that the retirement of dispatchable generation resources in New England has increased the importance of flexible hydroelectric assets capable of supporting reliability and affordability across the regional grid.
The transaction remains subject to federal regulatory approval and is expected to close later this year.
Support: Troutman Pepper Locke and DLA Piper served as legal counsel to Hull Street Energy.
KEY QUOTES:
“The retirement of dispatchable generation in New England has left the region struggling to integrate sufficient new clean resources to meet growing demand, raising concerns about the impact of narrowing reliability margins on grid stability and affordability. Addressing this challenge requires thoughtful retention and optimization of existing clean, firm, long-duration resources like Northfield Mountain, which plays a critical role in maintaining grid reliability across the region. We look forward to partnering with the accomplished FirstLight team to revitalize the important legacy hydro industry and deliver safe, sustainable, reliable and affordable power to customers.”
Sarah Wright, Founder and Managing Partner, Hull Street Energy
“Our exceptional team has grown FirstLight into a prominent clean power company in the Northeast, distinguished by our excellent operating record and the assets’ valuable contributions to the grid. We are excited to continue leading the business in the Northeast and to be partnering with Hull Street Energy in this next chapter in the FirstLight story.”
Justin Trudell, President and CEO, FirstLight
